You and I were told that there’d be this bipartisan “super committee” that would, by November 23rd, agree on some $1.5 trillion in spending cuts over the next ten years (a drop in the bucket btw) or, automatic spending cuts ($1.2 trillion worth) would be forced upon the nation’s budget… That, they (Congress and the President) made it seem, was carved in stone…
As it stands, we’re seven days from the deadline, lightyears from an agreement, and lo and behold, they who made the rules are reportedly scrambling to change them… I.e., they don’t like the automatic cuts, so they’re (reportedly) looking to proverbially kick the can down the road…
Should they fail however to scrap the prescribed consequence for failure (i.e., if Congress doesn’t do away with the automatic cuts), the President suggests he may veto them anyway… Which is interesting in that, as I understand it, no cuts whatsoever would force another debt ceiling battle some two months before next year’s election… Hmm?
Stay tuned…